QRG Capital Management Inc. Grows Position in Fulton Financial Co. (NASDAQ:FULT)

QRG Capital Management Inc. increased its holdings in Fulton Financial Co. (NASDAQ:FULT) by 13.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 98,858 shares of the bank’s stock after acquiring an additional 11,966 shares during the quarter. QRG Capital Management Inc. owned approximately 0.05% of Fulton Financial worth $1,792,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Miller Howard Investments Inc. NY raised its holdings in Fulton Financial by 2.4% in the second quarter. Miller Howard Investments Inc. NY now owns 22,132 shares of the bank’s stock worth $376,000 after purchasing an additional 527 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Fulton Financial by 3.7% in the second quarter. CIBC Asset Management Inc now owns 16,883 shares of the bank’s stock worth $287,000 after purchasing an additional 605 shares in the last quarter. Blue Trust Inc. raised its holdings in Fulton Financial by 21.9% in the second quarter. Blue Trust Inc. now owns 3,840 shares of the bank’s stock worth $61,000 after purchasing an additional 691 shares in the last quarter. Meridian Wealth Partners LLC raised its holdings in Fulton Financial by 4.7% in the second quarter. Meridian Wealth Partners LLC now owns 27,557 shares of the bank’s stock worth $468,000 after purchasing an additional 1,230 shares in the last quarter. Finally, Texas Permanent School Fund Corp raised its holdings in Fulton Financial by 1.1% in the first quarter. Texas Permanent School Fund Corp now owns 143,357 shares of the bank’s stock worth $2,278,000 after purchasing an additional 1,538 shares in the last quarter. 72.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Piper Sandler set a $21.00 price objective on shares of Fulton Financial in a report on Thursday, October 17th. StockNews.com upgraded shares of Fulton Financial from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $18.83.

Fulton Financial Stock Performance

Shares of FULT opened at $20.34 on Friday. The stock has a 50-day simple moving average of $18.13 and a 200-day simple moving average of $17.60. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $3.70 billion, a PE ratio of 12.87 and a beta of 0.73. Fulton Financial Co. has a 1 year low of $13.19 and a 1 year high of $21.47.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.06. The business had revenue of $487.33 million for the quarter, compared to analyst estimates of $321.00 million. Fulton Financial had a return on equity of 11.14% and a net margin of 16.37%. During the same quarter last year, the company earned $0.43 EPS. On average, analysts predict that Fulton Financial Co. will post 1.75 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.34%. The ex-dividend date was Tuesday, October 1st. Fulton Financial’s dividend payout ratio (DPR) is 43.04%.

About Fulton Financial

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.